Maryland Transfer of Property under the Uniform Transfers to Minors Act provides a legal framework for transferring property or assets to minors in Maryland. The Act allows individuals to designate a custodian who will manage the property on behalf of the minor until they reach a certain age. Under this Act, there are three main types of transfers of property in Maryland: 1. Custodial gifts: A custodial gift is a transfer of property made by a donor to a custodian for the benefit of a minor. The donor can be anyone, including a parent, grandparent, or any other person. The custodian holds, manages, and invests the property for the minor's benefit until they reach the age of majority. 2. Testamentary transfers: Testamentary transfers are property transfers that occur through a will or trust. The donor designates a custodian to manage the property for the minor's benefit until they reach a certain age specified in the document. This type of transfer takes effect upon the donor's death. 3. Inter vivos transfers: Inter vivos transfers refer to property transfers made during the donor's lifetime. The donor can transfer property to a custodian for the minor's benefit, who will manage the assets until the minor reaches a certain age. This can be done through a variety of methods, including gifting, creating a trust, or executing a deed. The Uniform Transfers to Minors Act in Maryland provides flexibility and convenience for individuals who wish to transfer property to minors without the need for establishing a formal trust. It simplifies the process of managing assets for the benefit of minors, while also ensuring their best interests are protected. When undertaking a Maryland Transfer of Property under the Uniform Transfers to Minors Act, it is essential to comply with the Act's requirements, including proper documentation and selection of a suitable custodian. It is also crucial to consider tax implications and seek legal advice to ensure compliance with relevant laws and regulations. Overall, the Maryland Transfer of Property under the Uniform Transfers to Minors Act provides a secure and reliable mechanism for transferring property to minors, allowing them to have access to valuable assets as they grow older.
Maryland Transfer of Property under the Uniform Transfers to Minors Act
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No, a parent cannot take money out of a UTMA account. The assets remain under the control of the custodian until the minor reaches the majority age.
UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner. To get an account application, contact your financial professional or find one by using our financial professional locator. For additional assistance, contact us.
Also, since UGMA and UTMA accounts are in the name of a single child, the funds are not transferrable to another beneficiary. For financial aid purposes, custodial accounts are considered assets of the student. This means that custodial bank and brokerage accounts have a high impact on financial aid eligibility.
Who should consider an UGMA/UTMA account? Anyone can contribute up to $17,000 per child each year free of gift-tax consequences ($34,000 for married couples). This amount is indexed for inflation and may increase over time. Because contributions are made with after-tax dollars, a deduction cannot be taken.
The term Uniform Transfers to Minors Act (UTMA) refers to a law that allows a minor to receive gifts without the aid of a guardian or trustee. Gifts can include money, patents, royalties, real estate, and fine art.
A Uniform Transfers to Minors Act account is formed pursuant to Maryland statute. Generally, a custodian holds funds for the benefit of a child and any funds not used for the child before he or she reach 21 years of age must be distributed to the child when he or she reaches 21.
Transferring a UTMA account to a child is simple. You can do so with most financial or investment institutions. You can also consult a tax or business lawyer to help you set up the legal structure, although most financial institutions can do this for you.
Age of Majority and Trust Termination StateUGMAUTMAMaryland1821Massachusetts1821Michigan1818Minnesota182149 more rows
